Environmental Economics
III. Environmental Economics: A trade-off between economic activities and environmental quality
This branch of study believes that a market economy expresses the consumer preferences of natural resources in the best possible way, which in turn determines their economic value. As it has been mentioned before also, human economy is dependent on the ecosystem for raw materials. And these resources limited in nature. Therefore, the most crucial concept of this branch of economics is to comprehend the trade-off between economic activities and the quality of environment. There is also a recognition that such a trade-off cannot be avoided and hence it is best to look for an optimal choice that takes into account all the suitable costs as well as benefits.
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An explanation for this can be that when market regulations are imposed they increase the costs to the firms. Moreover, a firm has to transfer resources towards pollution control which could have been used for more productive activities. Again there exists a trade-off between the damage costs (externalities) and the cost of pollution control. Optimal level of pollution is determined at a point where the marginal cost of damage control is equal to the marginal cost of control of pollution. The more a firm invests in higher technology to clean up pollution activities, the higher is the cost, thereby leading to an increase in marginal cost of control of pollution. Therefore they reduce the quantity of good whereas increase the prices. It has been pointed out that textile and chemical industries are significantly affected by such regulations. However, if one looks at the empirical evidences then one finds that the impact on macroeconomic variables such as gross national product is indecisive (Huussen, 2004). It is indeed a controversial topic of …show more content…
Limits to growth published in 1972 and UN Conference held in Stockholm in Human Environment invigorated the emergence of this sub discipline as there was an increasing recognition of the fact that resources are limited and industrial growth is leading to environment degradation at the global level. Hence environmental issues emerged on the global stage with the realization among the global community that they face certain common constraints. The main thrust has been the study of how various social, political, economic and cultural institutions play a role in shaping environment and environmental
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